MeritValue

Security Midwest Bancorp, Inc.

SBMWdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Security Midwest Bancorp, Inc. earns about 3% on equity, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue$10.1M1$10.3M1
Net income$682,9832$298,7322
Operating cash flow$1.24M3$2.62M3
Capital expenditure$86,1354$466,4494
Free cash flow (derived)$1.16M3$2.15M3
Total debt——
Cash & equivalents$43.5M5$50.4M5
Diluted shares—828,871

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$272.85
your share of equity
Profit it earned you last year
$3.6
Free cash flow it threw off
$25.94
Debt you’d be carrying
—

10 shares is a claim on $272.85 of net worth that earned you $3.6 and generated $25.94 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
3% avg · 2y
FY24 5%FY25 1%

It earned an average 3% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
$14.87
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0002036060-26-000004 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2024-12-31 · accession 0002036060-26-000004 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0002036060-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0002036060-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-12-31 · accession 0002036060-26-000004 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)